Global Environment Fund (GEF), a private equity firm, has invested $30 million in UPC Renewables China Holdings for the development of wind power in China. UPC Renewables is a renewable energy producer focusing mainly in the wind energy sector. This investment from GEF will utilized by the company for developing wind energy projects in China. Currently, UPC Renewables has wind projects in construction stage totaling 150 MW. The company has projects in pipeline for 3 GW.
Brian Caffyn, CEO and Chairman of UPC, said that since 2006 the company has been operating in China and the wind market in the country has become one of the largest in the world now. The company is expecting the long-term growth to sustain and is looking forward to participate in the wind energy market in China with support from GEF, Caffyn said.
Jeffrey Leonard, CEO of GEF, said the company is delighted to support a leading wind energy developer, UPC, for its plans and operations in China, which is one of the best clean energy markets in the world.